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Mediator makes recommendations on Ulster Bank restructuring

Ulster Bank has accepted the recommendations while the IBOA said it would meet to consider them next week

Ulster Bank should initiate a voluntary redundancy programme for any future job cuts at the company, according to the recommendation of an independent mediator.

The recommendation was made as part of negotiations between the bank and the Irish Bank Officials’ Association on the lender’s future in Ireland.

Mediator Mark Connaughton has also made recommendations on the type of compensation that would be available to those who take voluntary redundancy and suggested the bank give reassurances to remaining staff about the future of the business.

Ulster Bank said it accepted the recommendations, which cover its planned reorganisation for the next two years, saying it would help it build a “sustainable, more agile, customer-focused” bank.

The IBOA said its executive committee for the bank would meet next week for “detailed consideration of the recommendation” before giving a formal response.

Ulster Bank has announced a number of branch closures and job cuts in recent years as it seeks to restructure the business following the economic collapse.

Its current restructuring plans come following a wide-ranging review by its parent company, Royal Bank of Scotland.